Cryptocurrency Analyst CrediBULL Crypto provided market analysis for Pepe (PEPE), Ethereum (ETH)and XRP. Based on his analysis, PEPE could soon reach a fresh high, considering how it has changed since reaching a fresh high All-time High (ATH) in May.
PEPE price escalate on the horizon
CrediBULL Cryptocurrencies mentioned in X (formerly Twitter) fasting that PEPE is doing quite well despite the downtrend in the broader cryptocurrency market. He added that he wouldn’t be surprised if the meme coin sees another surge to capture some of the untapped liquidity before moving with current downward trend in the shop.
The analyst also revealed that he has no plans to open a long position on PEPE however, as he will continue to watch how things develop. Based on the chart shared by CrediBULL Crypto, PEPE could rise as high as $0.00001382 as it leverages the untapped liquidity the analyst spoke of.
Meanwhile, CrediBULL Crypto predicts that the meme coin could drop as low as $0.00000570 if it succeeds in realizing its goal.more movement down,” the analyst predicts after a rally higher. However, a market rebound for Bitcoin and the broader cryptocurrency market could invalidate this bearish setup by the analyst.
What’s Next for Ethereum and XRP
CrediBULL Crypto predicts that Ethereum could fall below $2,800 soon. He made this prediction by revealing that he had cut his shorts in anticipation of a relief bounce, which ultimately did not happen. He revealed that he would not attempt to reopen any low positions for Ethereum at the current price range, as a relief bounce could still occur at these levels.
If this relief bounce does occur, CrediBULL Crypto mentioned that he would be looking to reopen his low position. Meanwhile, the analyst continues bullish on Ethereum in the long run. He revealed that he hopes Ethereum will drop to fresh lows as it will give him another chance to top up. CrediBULL Crypto had previously predicted that Ethereum will reach $20,000 this year market cycle.
In the case of XRP, CrediBULL Crypto mentioned that his previous analysis of XRP still holds true and nothing has changed. In his previous analysis, he stated that XRP is still in a volatile environment and suggested that he does not intend to trade the crypto token at this time. However, he added that he would be interested in a potential transaction if XRP drops to $ 0.50 or even $ 0.39.
CrediBULL Crypto suggested that XRP could continue to fall to such low levels, noting that crypto token experienced a rally that took the stock above local highs, which he said he expected before retreating into the green zone, as indicated on the charts.
Featured image created with Dall.E, chart from Tradingview.com
